TTF Eases Back Amid Warm Weather and Strong Norway Supply

TTF front month pulls back from a high of just over 29€/MWh yesterday with warm weather and strong Norwegian pipeline supply limiting upside moves at the end of the winter storage withdrawal season.

• TTF APR 24 down 3.5% at 27.5€/MWh
• TTF SUM 24 down 3.3% at 27.72€/MWh
• TTF WIN 24 down 2.7% at 31.72€/MWh
• TTF SUM 25 down 2.2% at 30.16€/MWh
• Above normal temperatures are forecast across most of Europe in the coming two weeks although with cooler weather in the far west and Nordics. Temperatures in NW Europe could drift back closer to normal after the first few days of April.
• Norwegian pipeline supplies to Europe are nominated at 342.6mcm/d today having recovered from a drop in supplies earlier this month due to field outages. Flows could dip again in early April amid planned outages at Karsto.
• European LNG sendout fell to the lowest since mid October at 291mcm/d on Mar. 24 compared to an average of 339mcm/d so far in March.
• European gas storage was at 59.18% full on Mar. 24 according to GIE compared to the seasonal five year average of 41.6%. The daily storage change showed the first net injections of the year on Mar. 23 but returned to a small net withdrawal the following day.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today at 60.85m/d.
• ICE TTF daily aggregate traded futures volume was yesterday at 303k.